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ISC Class XII Sample / Model Paper 2025 : Accounts

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VAELS VA INTERNATIONAL SCHOOL Injambakkam, Chennal 115. . ' .* FIRST PRE-BOARD EXAMINATION (2022-2023) ACCOUNTS Grade: XII B |ISC Maximum Marks : 80 Date Duration: 3 Hours 16/10/2022 Maximum Marks: 80 Time Allowed: Three hours (Candidates are allowed additional 15 minutes for only reading the paper They must NOT start writing during this time) The Question Paper contains three sections. Section A is compulsory for all candidates. Candidates have to attempt all questions from either Section B or Sectioir C. There are internal choices provided in each section. The intended marks for questions or parts of questions are givenif the brackets (]. All calculations should beshown clearly. Al the same working, including rough work, should be done on pageas and adjacent to, the rest of the answer SECTION A (60 Marks) Answer al question 1 Question 1 An. Varun and Karan were partners a a fipsiaring profits in the ratio oftheir capitals, which stood a follows: Arun- 4,00,000; Varun 6,00,000 and Karan-3 4,00,000. Arun retired from the firm, Varun and Karan to share future profits equally. Goodwill of the firm is valued at 2,80,000. What will be the treatment of Cioodwill? a) Credit Partners' Capital Accoun's with old profit-sharing ratio by 2,80,000. (b) Credit Partners' Capital Accounts with new profit-sharing ratio by Crdit Aun's Capital AWe by 2,80,00o. 80,000and debit Varun's Capital Nc by Capital Ae by 60,000. (dy Credit Partners' Capital Accounts with gaining ratio by 2,80,000. This question paper consists of 14 printed pages 20,000 and Karan's VAELS INIERNATIONALS C H O 0 L nyardakarn Question2 Ana,Buna and Charan sselve thelim. 4) In The are partners. debit side Transfemng it to of Realisation ) it to Transfeming loan a 20,000 to of Bina. They decit, by Account. of Realisation debit side of Bina's given 115 seltled loan will be the theevent of dissolution, credit side Transfermng it to ) fin had Chennat Account. Capital Account. dBma paying Anu and Charan privately. Question3 Rani and Adi who arther for 1 5th share 3:2-admit Manu as a of partnership sharingprofits and Adi after adjustmentsare 60,000 and in profits. The capitals of Rani and losses in the ratio are in 40,000 respectiv cly. Manu is to bring 20% of the total capital of the ney fim. low much amount should Manu bring as capital? Question4 Om and Shiv are partners in a fim having a capital of R54,000 and R36,000 respectively. They admittcd Mohan for 1 3rd share in the profits. rought in by Mohan would be a)90,000. ternati lttill Mohan brought proportionate amount of capital. The capital b)45,000 )54,000. (d) 36,000. Question 5 List any one difference between Average Profit and Super Profit. uestion6 Geany one difference between Realisation Account and Revaluation Account. uestion 7 ysthe Realisation Account prepared? uestion 8 Gve the omula for Question9 caleulating Goodwill by Capitalisation of Super Protit. Whit Jonal entry will be Mohan, 1pailner, on passed when unrecorded liability of 10,000 is dissolution of a firm? paid by Question 10 List ny Iwo circim:tanees under wlhich the fixed capital of partners may clhange VAELS INTERNATIONAL NCHoo tjambakkAM, Ohennal 11a Question 11 131 Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 2 :2:1. Naresh retires from the fim due to his ilness. His elaim against capital and share of goodwill is1,00,000. Thereafter, an enrecorded vehicle is noticed. It is valued at 50,000 and is given to him and balance by current date cheque. Give the Journal entries for recording the payment to Naresh in the books of the firm. OR Amit, Bunty and Charanwerepartners in a firm sharingprofits in 2:2:1 ratio. Thefim closes its books on 31st March every year, Amit died three months after the last accounts were prepared, On that date the goodwill ofthe fim was valued at 90,000, On the death ofa partnenbis share of proit n the year of death was to be caleculated on ilhe basis of the nvernge profit of the ustfour years. The profits of last four years were: Ycar ended 31.3. 2019 31.3, 2020 31.3, 2024 Profits () 2,00,000 1,80,000 2,10,000 Amit's Pass necessary Journal entries for goodwill and 31.3. 2022 70,000 (oss) share ofprofit on his death, Show clearly the calculation of Amit's share of profit. 13 Question 12 Aruna and Karuna are partners in a lirm. They admit Varuna on Ist April, 2022 for 1/4th share n the, profits ofthe fim. On an average, profit carjed,by Aruna and Karuna is & 1,00,000. Average capital employed by the firm is 8,00,000. Norafrate of return in a similar type of busines is 10%. Value of fim's goodwill is to be determiniegdon the basis of Capitalisation of Super Profit. You are roquired to: (iy Calculate goodwill ofthefirm. i) Pass the Journal cniies in the books ofthe firm if Varuna brings her share of goodwill in cash Question 13 13 Lreh,Mnsor and Nihal are partnerssharing profits and losses in the ratio of 3 : 1:2.On 31 arh, 2927, Mansar retired and balance in his capital account after making adjustment of reserves poft n ra'uatiom was 2 79,000. 1nkesh and Nihal paid him i Funt, a umputer of book value of 4,000 84,000 in full settlement of his was given to Mansoor. th nee sary Journal entties in the books ofthe fim. retired Kapil 3. o f 4 : 3 : ratio OR losses in t h e and ratio profits sharing losses partners Kapil and are Deepak in t h e respectively. 4,000 D Debts decide D o u b t f u e b t o r s . Debts S h i v a m and D o u b t f i u Sundry is to be for of P r o v i s i o n bad. b o entries. w e r e Journal debtors o f the 5% chool l D e b t o r s Kapil, of l for P r o v i s i o n 131 n e c e s s a r y the required of w e r e and You time and future and 3,000 the 38,000 share Deepak 7 5. of3: and profits to Shivam, retirement At to pass are share for in 1/5th Zaman Question 14 profits ratio in the Zaman Xavier and on profits as a 1st April, o f the partner purpose, o f the chequc. last three years, (corrected) net firm goodwill F o r this by brings 2022. valucd at Profits his o the f g o o d capital on the basis purchase follows: were last for the as three years 2021-22 3,60,000 2019-20 4,20,000 Year 3,71,400 Prolits () Additional Information: was A on 1st April, machinery Account You ) purchased are Depreciation required Calculate (i) Pass the is charged 60,000 2020 for but it @10% following to: value of firm's the necessary goodwill. entries Journal was Office debited to method. balance diminishing in the books of the firm. w i l l share two y e a r s ' 2020-2 profit average is admit and 5 , 0 0 , 0 0 0as sharing partners Y u s u f a r e of3 : 2. They Expenses of AELS VAELS INTERNATIONAL SCHOOL Injambakkam, Chennai 115. . Question 15 161 Harish and Gopal were partners in a firm sharing profits in the ratio of 3:2. On 31st March, 2022, their Balance Sheet was as follows: BALANCE SHEET OF HARISH AND GOPAL as at 31st March, 2022 Liabilities Assets Creditors 36,000 Cash 47,000 Outstanding Expenscs 10,000 Bank 93,000 Gopal's Wife's Loan 50,000 Debtors Capitals: Stock Harish 2,80,000 Gopal 1,60,000 choi hogi 2,00,000 20,000 Furniture 4.40,000 76,000 1.00.00 Land and Build ng 5,36.0000 5.36.000 On the above date the firm was dissolved. Various assets were realised and liabilities were paid/settled as under olod Gopal agreed to pay his wife's loan i) ii) Land and Building ws sold for 1,50,000 and Debtors realised 12,000Yess (iii) Half of the creditors agreed to accept furniture of the firm as settlement of their claim and remaining half agreed to accept.10% levs. (iv) 50% stock was taken by Harish on payment by cheque of 90,000 and remaining stock was soldfor 94,000. (v)v) Realisation expenses of 10,000 were paid by Gopal on behalf of the firm. Prepare Rcalisation Account. INTERNATIONAL SCIOOL Chennai - 115. Injambakkam, Question 16 Chander and their Damini Balance Sheet were w a s as BALANCE in partners a profits firm sharing follows: SHEET AND DAMINI CHANDER OF as 31st On 31st equally. On n. March, 2 2022 at 31st March, Assets Liabilities 1,04,000 Sundry Creditors Cash 30,000 at Bank 45,000 Bill Receivable Capitals: Chander and losses L75,000 Debtors 1,10,000 2,50,000 4,66,000 | Furniture Damini 2,16,000 3,10,000 Land and Building c h o f 5.70.000 S.70,000 On 1st April, 2022, they admitted Elina as a new partner for1/3rd share in the profits on the following conditions: Elina will bring 7 3,00,000 as her capital and necessary amount for goodwill. i) (iii) Debtors to the extent of 7 5,000 were nrecorded. Furniture will be reduced by 10%and 5% provision for doubtful, debts will be created on bills receivables and debtors. (iv) Value of land and building will be appreciated by 20%. (v) There being a claim against the fim for damages, a liability to the extent of created for the same. (vi) 8,000 will be - Value of the goodwill of the firm to be calculated on the basis of Elina's share in profit and capital contributed by her. You are required to prepare Revaluation Account and Partners' OR Capital Accounts. VAELS INTERNATIONAL SCHOOL Injambakkam, Chennai -115. , t And Monu are partners 3Ist March, 2022 is as in a * firm, sharing profits and losses equally. Their Balance Sheet as at follows: Liabilities Assets Sundry Creditors 25,000 Cash at Bank General Reserves- 15,000 Sundry Debtors Capitals: Sonu 45,000 Monu 40,000 24,00 22,000 ) Provision for doubtful debts 1.000 21,000 Stock 10,000 60,001 85,000 Machinery 10,00 Goodwill 0ol 1.25.00 00 1.25000 On Ist admitted April, 2022, Gopal is as a f turc profits 1/4th share of the partner for on the following lerms and conditions: R1,500 to be written Bad debts amounting to i) (ii) (ii) (iv) (v) (vi) off.ci atio Stock to be taken by Sonu at 12,000. Machinery to be valued Goodwill of at 50,000, thefirm to be valued at Cren 20,000 bring his share of goodwill. Gopal to bring &50,000 ashis capital. Hewasunable For this, it was decided that Gopal would compensate General Reserve not to be distributed. to the old partners through his Current Account.) You are required to prepare:, (a) Partners' Capital Accounts 6) Balance Sheet of the reconstituted fim. VAELS John INTERNATIONAL SCHOODL 2022, Injambakkam, Chennai - 115. October, manager .. .'. entitle Question 17 is ,st Given below is the Balance Sheet c and of Saurabh, Gaurav and Pawan as on 31st March, 2022 on u2 salary date they dissolved their partnership. They shared profits and losses in the ratio whieh of 4:3:3. It was decided thatPawan shall be incharge of realisation of assets anddistribution he was to get thereof For this serviceice, adyemuneration 1% of the value of assets realised other of the than Cash and Bank and 10% amount distributed to partners. e P r o fo it t his BALANCE SHEET Liabilities Saurabh's Capital A/c Gaurav's Capital A/c as at Assets 55,000 Cash at Bank 22,500 Sundry Assets Pawan's Capital A/c 60,000 75,000 Sundry Creditors Employees' Provident Fund Scho onalSchoo 50,000 2,68,625 nal Sundry Assets realised 2,32,500 and 2.70.000 O are 1,375 7,500 Workmen Compensation Reserve You 31st March, 2022 creditors were paid required to prepare the Realisation Account in full. 2.70.000 ) Question 18 Mohit, Ali and John [10 partnership with capitals of 3,00,000 7 (Credit), 2,50,000 (Credit) and 20,000 (Debit) respectively on 1st April, 2021. The Partnership Deed provides as follows ) 10% of Net Profit to be to General transferred Reserve. are in (i) Partners are to be llowed interest on @6% p.a. (ii) John (iv) Mohit (VXAli is to get is to get capital @ 5% p.a. are to be charged interest on drawings salary of 60,000 p.a. commission of 10% of net profit. is also entitled to a commission of 10% of the after making appropriationy During the year, and Mohit withdrew 3,000 in the profit before charging interest on drawings but beginning of every month, Ali withdrew 73,000 middle of every month and John withdrew R3,000 at the end of every month. during VAELSS INTERNATIONAL SCHOO Injambakkam, Chennai 115. On Ist October, 2022, John gavea loan of 5,00,000. The manager is entitled to salary of R2,000 his salary and commiss+on. Profit of the fim for the year ended on 31st adjustments was 2,37,000. You are p.m. anda March, 2022 before providing for required to prepare for the year ending 3 1st (a) Profit & Loss commission of 10% of net profit after Appropriation Account. School OR partnership agreement of Mohan, Mahesh and Nusrat Profit will be shared (ii) Interest on by them in the ratio of 2:2:1. capital to be allowed at the rate of 6% per (ii) Interest on drawings (iv) Mahesh to be Capitals be of the the , to the firm that the firm would earn net partners on Ist & Loss to 74,00,000 per annur April, 2021, were Mohan-Z6,00,000; Mahesh--R5,00,000; 1im for the year 2021 22 required (a) Profit of at least financial year 2021 22, all the three partners withdrew 5,000 each Nct profit of the are profit personally met by him. CVery nonth. You annum. charged at the rate of 3% per'annum. shortfall in the profit would be Nusrat-5,00,00O Dung to provides that: given a salary of 2,500 per month (v) Mahesh's guarantee and any any of the above March, 2022: (b) Mohit's Capital Account. The chargir prepare for the year Appropriation (b) Partners' Capital Accounts. was ?3,50,000. 20211 22: Account. in the begunning of VAELS INTKMNAIONAL naau SCH1001 hjsn)a 115 ..' ' (uenton 19 (a) Naveen,alir and Aor the eents kajesh werepaslners in electronicgoods ofl partnernhip an been allowed to putnen theie is no n provinion for interesl were druwn up and 6% p.a. for the ycars on closed, il was Dehradun, Uttarakhand noticcd that interest on capital ending 31st March, 2021 and 2022, although capital in the Partnership ned (ydir were entitled to a salary of business in Deed. On the otherhand, Naveen 3,500 and ? 4,000 per quarter respectively, which has not been allowcd. Their fixed capitals were 4,00,000, 3,60,000 and? 2,40,000 respectively. During School the last wo years, they had shared the profits and losses as follows: Yeur Fnded Ratio 3st Marci, 2021 3:2:1 31st March, 2022 5:3:2 Pass necestary adjusting entry for the above adjustments in the books ofthe firm on Ist April, 2022. Show your workings. nai OR uest ion 1g (b) Moli, Bhola and Raj werc partners in a firm sharing profits and losses in the ratio of 3 :3:4. Their terna Partnership Decd provided for the following (i) Interest on capitals ( (i) Interest on drawings 5% p.a. 12% p,a. (in) Intercst on partncrs' loan 6% p.a. (iv) Moli was allowed an annual salary of &4,000; Bhola was allowed commission of 10% of net profil and Raj was guarant ed minimum profit share of R1,50,000 after making all the adjustments as providcdin the partnctship agreement. Their fixed capitals were Moli: 5,00,000; Bhola: 8,00,000 and Raj: R4,00,000. On Ist April, 2021, Bhola had yiven loan of 1,00,000 to the lim. Profit of the firm for the year ended 31st March, 2022 before intercst on Bhola's loan was 3,06,000. Bhola withdvew 5,000 at the end of cach month, Moli withdrew 10,000 at the end of each quarter and Raj withdrew 40,000) at the end of cach half year. Prepare Pofit && Low Appropriation Account for the year ended 31st Marclh, 2022 and Partners C'urent Accomts. 10 VARLN INTUNA NAL ijii SECTION IN (20 MMarkn) Answer ell quextlons Question 20 What will be the value of inventories of Star Ltd. Cument Ratio 2.5:1 Quick Ratio 1.5: 1 fron the partiouln given tekr Current Assets: ? 2,00,000. (a) 60,000 (c) S0,000. School (b) 70,000. )65,000. Question 21 Which of the following transactions will result into flow of cash? Cash withdrawn from bank 50,000. Issued 10.000, 9% Debentures for the xendors of machiney (Received 25,000 fromdebtors. aDeposited cheques of R10,000 into bank Question 22 State the objective of computing proprietary Ratio. Question 23 State how Cash Flow Statement is historical in nature. Question 24 Name any two tools of Analysis of Financial Statements. Question 25 3 Prepare Common-size Balance Sheet from the following information: 31st March, 2022 Shareholders' Funds () 31st March, 2021 (R) 22,20,000 12,00,000 6,00,000 6,00,000 Total Equity and Liabilities 30,00,000 20,00,000 Non-current Assets 25,20,000 14,00,000 Non-current Liabilities 11 VAELS INTERNATIONAL SCIOOL Injambakkam, Chennai -115 ' ..'* Question 26 From the ratios following Statement of Profit & Loss of Hind Ltd. for the year 2021-22, calculate (up to two decimal places): () Trade Receivables Turnover Ratio. ) Inventory Turnover Ratio. (i) Net Profit Ratio. (iv) Operating Profit Ratio. STATEMENT OF PROFIT & LOSS OF HIND Particulars LTD. for the year ending 31st March, 2022 Note No. Revenue from OperationsOther Income (Rent Received)- 10,00,000 50,000 10,50,000 Total Revenue. Purchases-- 2,75,000 20,000 Change in InventorieS- Employee Benefit Expenses-. Depreciation 20,000 -**-*----. 10,000 Other Expenses-Profit before Tax G Less: Tax 25,009 Total Expenaes nati 3.50,000 7,00,000 (2,80.000) Profit after Tax 4,20,000| Notes to Accounts: Particulars . Change in Inventories Opening Inventories 30,000 10,000 Less: Closing Inventories 2. 20.000 Employee Benefit expenses Wages 10,000 10,000 20,000 Salaries 3. Other Expenses Carriage inwards Sales 10,000 Carriage outwards w 15.000 25,000 Additional Information: 35,000 Deblors (as on 31st Mareh, 2022) 25,000 2,50,000 Bills Receivable (as on 3 1st March, 2022) Cash Revenue from Operations 2 16 anv thr. three VAELS INTERNATIONAL SCHOO Injambakkam, Chennai 11t Question 27 From the following balance sheet sflow statement: 16 of Parker Ltd as at3Ist March, 2022 and 31 March, 2021, prepare BALANCE SHEET OF PARKER LTD. as at rarticulars 31st March, 2022 Note I. no. EQUITY AND LIABILITIES | 31" March,|31s March, 2022()2021 () 1. Shareholders' funds a) Share capital surplus Non-current liabilities 6,00,000 2,00,000 4,00,000 Long termm borrowings: 1,00,000 2,00,000 45.000 60,000 b) Reserves and 2. 3. Current liabilities a) Trade 8% bank loan payables (creditors) b) short-term provisions 2 T,50,000 10,95,000 1,20,000 8,80,000 (machinery) (net) 6.00,000 6,C0,000 b) Non-current investments 45,000 75,000 50,000 Total II. ASSETS 1. Non-current assets a) Property, plant and equipment and intangible assets: i) Property, plant and equipment i) 2. Intangible assets (assets) Current assets a) lnventories b) Trade receivables (Debtors) c) Cash and bank balance Total ccounts: 15,000 2,55,000 2,00,000 1,05,000 10,95,000 8,80,000 31st March, 2022) Reseryes and Surplus Surplus, .c., balance in statement of Profit & Loss Short-term provisions Provision for tax Additional information: ) ii) ii) iv) 1,00,000 During the year, was 5,000. a machine costing *75,000 was 10,000 20,000 31st March, 2021 ) 2,00,000 1,00,000 1,50,000 1,20,000 purchased. Loss on sale of machinery Depreciation charged on maclhineiy was 12,000. Tax paid during the ycar was 50,000. Bank loan of 1,00,000 was paid on 31 March, 2022 OR 13 with bank interest for the year. 2 .' From the VAELS NTERNATIONAL SCHOOL Injanbakkam, Chennal 115 following information of Alex company Ltd., determine: ) Cash flow from Cash flow from (i) Particulars operating activities. financing activities. 31s March, 20223) Trade receivables 85,000 31 March, 2021 (3) 1,25,000 1,00,000 ,50,000 60,000 50,000 Provision for tax 45,000 35,000 Cash in hand 75,000 0,000 ,50,009 3,75,000 General reserve 5,00,000 8,00,000 10% debentures 250,000 2,00,000 Inventories Prepaid expenses Expenses outstanding Furniture (at book value) mation Goodwill Trade payables Balance of statement of profit & loss (Cr.) Proposed dividend Share capital IOLIBUI 2,00,000 3,00,000 1,50,00 6,50,000 3,50,000 1,25,000 6,00,000 25,000 20,000 25,00,000 15,00,000 1,05,000 Additional information: During the year 2021-22: a) A piece of fumiture costing 1,50,000 (accumulated depreciation 1,25,000 bTax of z45,000 was paid c) Interim dividend of <20,000 was paid. d) The company paid R15,000 as interest on debentures. 15,000) was sold for

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